Emmanuel Besnier, CEO of France’s Lactalis Group, the world’s largest dairy company, is changing the group’s approach to its assets in Kazakhstan. Lactalis’ Kazakhstani subsidiary, FoodMaster Company JSC, will now reinvest the vast majority of its profits in the business, directing more funds toward production upgrades while reducing payments to its parent company.
Profit distribution and dividend policy
The new approach to profit distribution was approved following the release of the company’s 2025 financial results. By the end of last year, the company had accumulated 12 billion tenge ($26.2 million) in profit. The lion’s share of this amount — 8.2 billion tenge ($17.8 million) — will be allocated to production modernization projects. The remaining 3.86 billion tenge ($8.3 million) or $6.38 per share will be paid to the shareholder as dividends.
This marks a sharp departure from the previous year’s policy, when the company allocated $13.5 million to dividends while leaving just $195,759 for production development. In other words, investment in modernization has increased hundreds of times this year, while shareholder payments have fallen by 38%.
The dividend for 2025 will be paid in a single cashless transaction denominated in euros. Funds will be deposited into B.S.A. International’s accounts with Société Générale by Oct. 15.
Governance and audit
The corporate document also stipulates that members of the board of directors will receive no remuneration. Payments to the company’s executive body for 2025, net of taxes and mandatory contributions, amounted to $1,829, compared with $1,903 the previous year.
Forvis Mazars LLP has once again been approved as the auditor of the company’s annual financial statements for 2026.
Belgium-registered B.S.A. International is the sole shareholder of FoodMaster Company JSC. Based in Brussels, it is part of France’s Lactalis Group, which the Besnier family controls.
Emmanuel Besnier is the key beneficiary of the family business. According to Forbes’ global billionaires ranking, he is the 88th-richest person in the world, with an estimated net worth of $28.3 billion.
FoodMaster is one of Kazakhstan’s largest dairy producers. The company produces milk, kefir, yogurt and cottage cheese, while its portfolio also includes international brands such as Lactel, Président and Galbani. FoodMaster operates production facilities in three Kazakhstani cities — Esik, Shymkent and Pavlodar — with plants capable of producing hundreds of tons of dairy products per day. The company also operates its own commercial dairy farms.
